New York, February 13, 2026, 10:23 (EST) — Regular session
- Alphabet’s Class C shares (GOOG) were down about 1% in early trade
- EU regulators flagged concerns over how Google prices Search ads, adding a fresh antitrust angle
- Traders are also weighing new signals on digital ad demand and the rate outlook
Alphabet Inc’s Class C shares (GOOG) were down about 1% on Friday, trading at $306.41, after a rocky week for megacap tech and renewed focus on Google’s core ad business. The stock opened at $307.68 and has traded between $304.17 and $310.50.
For investors, the timing is awkward. Google’s advertising machine still sets the tone for Alphabet’s earnings power, and anything that touches pricing in Search ads tends to land straight on the valuation.
It also comes as traders have been quick to punish perceived risks around Big Tech margins — regulation, ad demand, or simply the cost of staying in the AI race. Alphabet sits in the middle of that crossfire.
EU regulators told advertisers they were concerned Google may be unfairly pushing up prices in auctions that sell ads on Google Search, a letter seen by Reuters showed. The Commission pointed to the “clearing price” — the amount the winning advertiser pays — and Google said ad prices are set in a real-time auction that weighs competition and ad quality, according to the report. (Reuters)
The regulatory noise is not the only thing around the tape. Digital advertising has been twitchy, and smaller platforms are warning about budgets getting tighter at the margin.
Pinterest’s shares plunged on Friday after it said its revenue outlook was hit by large U.S. retailers scaling back ad spending amid tariff-related uncertainty. The same report noted Google has stepped up its commerce push with shopping-focused updates to its Gemini chatbot and AI search as the fight for ad dollars widens. (Reuters)
Macro is pulling in the other direction. U.S. consumer prices rose less than expected in January, and Phil Orlando, chief market strategist at Federated Hermes, called the report “better than expected,” arguing it supports the case for rate cuts later this year. (Reuters)
Still, the mood in tech has been fragile. After Thursday’s sharp slide in major indexes, Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, said “this anti-AI trade” was still hanging over markets, alongside a defensive rotation. (Reuters)
The risk case is straightforward: if EU concerns harden into a formal action, investors will have to handicap remedies that could change how Search ads are priced or sold in Europe, a key profit pool. Separately, if tariff uncertainty bleeds into broader ad budgets, the sector’s “resilient demand” story can crack fast.
What traders are watching next is Europe’s clock. Advertisers were given until March 2 to provide feedback on the Commission’s concerns, a deadline that could shape whether this stays a letter — or turns into something bigger. (Channelnewsasia)
